MAG 5 PD awards contract for $190m MAG 5 Boulevard
MAG 5 Property Development has awarded the construction contract for its MAG 5 Boulevard project in Dubai South
MAG 5 Property Development (MAG 5 PD) has awarded the contract for its MAG 5 Boulevard project in Dubai South to Fujairah National Construction (FNC).
The developer, formed jointly by MAG Property Development (MAG PD) and MBM Holding, said that the $190m (AED700m) project would be completed within two years.
Once completed, MAG 5 Boulevard will feature 1,172 residential units and a selection of retail, food and beverage (F&B), and leisure and entertainment amenities.
Commenting on the contract award, Talal Moafaq Al Gaddah, chief executive officer of MAG 5 PD, said: “We are delighted to announce FNC as the main contractor for MAG 5 Boulevard, our first medium-income housing community in the UAE, offering exceptional residential living with prices starting from AED380,555 [$103,600].
MAG 5 Boulevard is located within Dubai South’s residential area, The Village. As the development’s plot is adjacent to the Expo 2020 site, Al Gaddah said that “completing this project within two years was an important requirement of the tender”.
He continued: “FNC […] has an enviable portfolio for the delivery of premium real estate developments in the UAE. We are confident in [the contractor’s] ability to bring MAG 5 Boulevard to the market within two years and, in doing so, create the ultimate quality affordable living in one of the city’s most sought-after locations, Dubai South.”
Situated within the vicinity of Greenbelt Park, the UAE’s largest linear network of parks, MAG 5 Boulevard will boast expansive greens, and will offer residents access to cycling tracks, playgrounds, and community centres.
FNC will break ground at the 7.43ha project site later this month, according to MAG 5 PD.
The handover of Phase 1 of MAG 5 Boulevard is scheduled for Q4 2018.